Great Eastern Holders to Vote on $704 Million OCBC Delist Plan
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Oversea-Chinese Banking Corp. 's final attempt to fully control Great Eastern Holdings Ltd. with its S$900 million ($704 million) bid will be tested on Tuesday, capping a two-decade quest by Singapore's second-largest lender to take over the insurer.
OCBC is just 6.28% shy of complete ownership, and Great Eastern's minority shareholders will vote at an extraordinary general meeting whether to delist the 117-year-old firm with an improved bid from the bank. If investors representing 75% of the shares present at the EGM reject that plan, OCBC's so-called 'exit offer' will lapse, paving the way for the insurer's shares to resume trading.
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